CapMan - Fairly decent quarter

CapMan's net sales in Q3 amounted to EUR 13.7m, below our estimates and below consensus (EUR 17.3m/17.3m Evli/cons.). EBIT amounted to EUR 4.8m, also below our estimates and below consensus (EUR 7.0m/7.2m Evli/cons.). Apart from carried interest, CapMan’s Q3 profitability was fairly in line with expectations.
  • Revenue in Q3 was EUR 13.7m (EUR 15.9m in Q3/22), below our estimates and consensus estimates (EUR 17.3m/17.3m Evli/Cons.). Growth in Q3 amounted to -14% y/y.
  • Operating profit in Q3 amounted to EUR 4.8m (EUR 12.7m in Q3/22), below our estimates and consensus estimates (EUR 7.0m/7.2m Evli/cons.), at a margin of 35.1%. The main difference to our estimates came from carried interest (EUR 0.3m/EUR 2.0m actual/Evli).
  • EPS in Q3 amounted to EUR 0.02 (EUR 0.06 in Q3/22), slightly below our estimates and consensus estimates (EUR 0.03/0.03 Evli/cons.).
  • Revenue in Management Company business in Q3 was EUR 11.1m vs. EUR 14.6m Evli. Operating profit in Q3 amounted to EUR 3.6m vs. EUR 5.4m Evli. 
  • Revenue in Investment business in Q3 was EUR 0.0m vs. EUR 0.0m Evli. Operating profit in Q3 amounted to EUR 0.9m vs. EUR 1.4m Evli. 
  • Revenue in Services business in Q3 was EUR 2.5m vs. EUR 2.5m Evli. Operating profit in Q3 amounted to EUR 1.4m vs. EUR 1.6m Evli. 
  • Capital under management by the end of Q3 was EUR 5.02bn (Q3/22: EUR 5.04bn). Real estate funds: EUR 3.05bn, private equity & credit funds: EUR 0.97bn, infra funds: EUR 0.55bn, and wealth management funds: EUR 0.46bn.
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